DESC:FIELD OF THE INVENTION: The present invention relates to an electro-catalyst with bi-functional characteristics. In particular, the invention relates to an electro-catalyst comprising of redox buffer oxides, which facilitates bi-functional activity of air electrode towards oxygen reduction and oxygen evolution reactions at the electrode-electrolyte interface. BACKGROUND OF THE INVENTION: US9048511B2 discloses a layered double hydroxide catalyst represented by formula [M2+1-xM3+ x(OH)2][An- x/n .yH2O], where, M2+ represents a divalent metal ion selected from the group consisting of Mg2+, Mn2+, Fe2+, Co2+, Ni2+, Cu2+ and Zn2+, while M3+ represents a trivalent metal ion selected from the group consisting of Al3+, Cr3+, Fe3+, Co3+ and In3+, whereas An- represents an n-valence anion selected from the group consisting of F-, Cl-, Br-, I-, CO32-, SO4 2-, NO3-, OH- and R-CO2-, where R represents a substituent selected from the group consisting of alkyl groups having 1 to 5 carbon atoms, 099% to 95% either in pure metal form or Al-alloyed with 2-3% of Magnesium, 1-2% of tin (Sn) are being used as anode plate, while air electrode acts as cathode. In one embodiment, the present invention discloses open circuit voltage (OCV) of the constructed Al-air cell is in the range of 1.5V to 1.8V, whereas under discharge condition cell potential is in the range of 1.3V to 1V depends on the applied discharge current density. In one embodiment, the present invention discloses the performance of Al-air cell is evaluated under discharge condition applying at various current densities ranging from 10 to 300 mA/cm2, preferably between 50 to 200 mA/cm2. The energy density of Al-air cell is measured as 2.0 to 3.0 kWh/kg of aluminium for the aforementioned discharged current density range. In another embodiment, oxygen evolution activity of air electrode is ascertained by RDE studies, wherein OER activity of optimized CM-CZ-2 catalyst exhibit the lowest on-set oxidation potential at 1.48V against RHE when compared with control catalyst (CM), for which on-set oxidation potential recorded at 1.59 V (Fig 3). The on-set oxidation potential is lowered by approximately by 110 mV together with steep rise in current implies that oxygen evolution takes place with faster charge transfer kinetics. In another embodiment, electrochemical impedance of the redox buffer catalysts evaluated in 0.5 M KOH, and measurements recorded at voltage of 1.6V Vs RHE is shown in fig (4). The data reveals that charge transfer resistance of CM-CZ-2-VC (11Ocm2) is much smaller than charge transfer resistance of control catalyst, CM (61 Ocm2). In another embodiment, Electrode durability for oxygen evolution reaction by chronopotentiometry at a current density of 10 mA/cm2 indicates that optimized CM-CZ-2 catalyst retains more than 95% of its activity during 20 hours of testing (fig 5), Whereas control catalyst (CM), crosses the maximum set limit of potential after 5 hours of operation. This indicates that catalyst with redox buffer not only increases the activity but also stabilize the material from erosion during evolution reaction. In another embodiment, the performance of bi-functional air electrodes is evaluated for rechargeable Zn-air battery employing suitable concentration of aqueous potassium hydroxide as electrolyte, wherein zinc metal precursor is selected from either of zinc dust, zinc oxide, zinc acetate or combination thereof dispersed in saturated potassium hydroxide electrolyte, where electrolyte concentration is preferably in the range of 7 Molar to 10 Molar. In another embodiment, the performance of Zn-air cell is evaluated under charge/discharge condition, wherein charging of the cell is performed by constant current or constant voltage charging, whereas discharge of the cell is performed by constant current applied at variable current densities ranging from 10 mA/cm2 to 100 mA/cm2. The open circuit voltage (OCV) of the constructed Zn-air cell is noted in the range of 1.4V to 1.6V. The voltage of Zn-air cell under charging condition increases upto 2.2V, while under discharge condition cell potential recorded in the range of 1.3V to 1V depends on discharge current density. The energy density of Zn-air cell is measured as 600 to 750 wh/Kg of zinc, and the round-trip efficiency of the cell achieved >50%. Examples: Preparation of the catalyst composition: Example 1: Preparation of Manganese cobalt oxide catalyst (MnxOy)(Con+) (CM) (Control catalyst): In a beaker, 14 grams (gm) of cobalt nitrate hexahydrate is dissolved in 250 milliliters (ml) of de-ionized water. Further, in a separate beaker 98 gm of Manganese acetate tetrahydrate is dissolved in 500 ml of de-ionized water. Thus, prepared solutions of cobalt nitrate and manganese acetate are mixed together and transferred into vessel-1. In another beaker, 2M sodium hydroxide (NaOH) solution is prepared by dissolving 80 grams of NaOH in 1 litre of water, which is transferred into vessel-2. The metal precursor solution and base solution are simultaneously added using peristaltic pumps into a separate vessel-3 having with water quantity of 200 ml. The precipitation of metal precursor solutions takes place in vessel-3 while maintaining constant pH at 10.5. After obtaining precipitate, the slurry mixture is kept under stirring for 12 hrs. The resulted precipitate is filtered to obtain the catalyst cake, which is further dried in a hot air oven at 100C for 12 hours and then calcined in a muffle furnace at temperature of 400 0C for 4 hours in order to obtain the catalyst composition CoMn oxide with formula of (MnxOy) (Co)n+,where x=3 to 5, y=4 to 8, n=2 to 3 The resulted catalyst has mixed phase composition of Manganese oxides in the form of Mn3O4 and Mn5O8, whereas Cobalt is in strong co-ordination with Manganense oxide with oxidation state of 2 to 3. Example 2: Preparation of (MnxOy)(Con+)/Ce0.5Zr0.5O2 catalyst (CM-CZ-1) In a beaker, 14 gm of cobalt nitrate hexahydrate is dissolved in 250 ml of de-ionized water. Further, in a separate beaker 98 gm of Manganese acetate tetrahydrate is dissolved in 500 ml of de-ionized water. Thus, prepared solutions of cobalt nitrate solution and manganese acetate are mixed together and transferred into vessel-1. In another beaker, 2M NaOH solution is prepared by dissolving 80 gm of NaOH in 1 litre of water, which is transferred into vessel-2. The metal precursor solution and base solution are simultaneously added using peristaltic pumps into a vessel-3 having with water quantity of 200 ml. The precipitation of metal precursors solution takes place in vessel-3 while maintaining constant pH at 10.5. Further, 0.43 gm of ceric ammonium nitrate and 0.21 gm of zirconyl chloride are separately dissolved in 20 ml of de-ionized water. The mixture of Cerium and zirconium precursor solution is added into the precipitated mixture of Cobalt Manganese slowly using peristaltic pump in 30 min, and the resultant slurry is kept under stirring for 12 hours. Thus precipitate mixture is filtered to obtain the catalyst cake, which is further dried in a hot air oven at 100 C for 12 hours and then calcined in a muffle furnace at a temperature of 400 0C for 4 hours in order to obtain Ce-Zr doped CoMn oxide with formula of (MnxOy) (Co)n+/Ce0.5Zr0.5O2,where x=3 to 5, y=4 to 8, n=2 to 3 The resulted catalyst has mixed phase composition of Manganese oxides in the form of Mn3O4 and Mn5O8, whereas Cobalt is in strong co-ordination with Manganense oxide with oxidation state of 2 to 3. The catalyst is denoted as CM-CZ-1. Example 3: Preparation of (MnxOy)(Con+)/CeZrO2 catalyst (CM-CZ-2) In a beaker, 14 gm of cobalt nitrate hexahydrate is dissolved in 250 ml of de-ionized water. Further, in a separate beaker 98 gm of Manganese acetate tetrahydrate is dissolved in 500 ml of de-ionized water. Thus, prepared solutions of cobalt nitrate solution and manganese acetate are mixed together and transferred into vessel-1. In another beaker, 2M NaOH solution is prepared by dissolving 80 gm of NaOH in 1 litre of water, which is transferred into vessel-2. The metal precursor solution and base solution are simultaneously added into a vessel-3, which is having water quantity of 200 ml The precipitation of metal precursors takes place in vessel-3 while maintaining constant pH at 10.5. Further, 0.9 gm of ceric ammonium nitrate and 0.45 gm of Zirconyl chloride separately dissolved in 20 ml of de-ionized water. The mixture of Cerium and zirconium precursor solution is added into the precipitated mixture of Cobalt-Manganese using peristaltic pump in 30 minutes and the resultant slurry is kept under stirring for 12 hours. Thus, precipitate mixture filtered to obtain the catalyst cake, which is further oven dried in a hot air oven at 100 C for 12 hours and then calcined in a muffle furnace at a temperature of 400 0C for 4 hours in order to obtain 2wt% Ce-Zr doped Cobalt-Manganese oxide with formula of (MnxOy) (Co)n+/CeZrO2, where x=3 to 5, y=4 to 8, n=2 to 3 The resulted catalyst has mixed phase composition of Manganese oxides in the form of Mn3O4 and Mn5O8, whereas Cobalt is in strong co-ordination with Manganese oxide with oxidation state of 2 to 3. The catalyst is denoted as CM-CZ-2. Example 4: Preparation of (MnxOy)(Con+)/Ce1.5Zr1.5O2 catalyst (CM-CZ-3) In a beaker, 14 gm of cobalt nitrate hexahydrate is dissolved in 250 ml of de-ionized water. Further, in a separate beaker 98 gm of Manganese acetate tetrahydrate is dissolved in 500 ml of de-ionized water. Thus, prepared solutions of cobalt nitrate solution and manganese acetate are mixed together and transferred into vessel-1. In another beaker, 2M NaOH solution is prepared by dissolving 80 gm of NaOH in 1 litre of water, which is transferred into vessel-2. The metal precursor solution and base solution are simultaneously added into a vessel-3, which is having water quantity of 200 ml The precipitation of metal precursors takes place in vessel-3 while maintaining constant pH at 10.5. Further, 1.4 gm of ceric ammonium nitrate and 0.7 gm of Zirconyl chloride separately dissolved in 20 ml of de-ionized water. The mixture of Cerium and zirconium precursor solution is added into the Cobalt-Manganese precipitated mixture and kept under stirring for 12 hours. Thus precipitate filtered to obtain the catalyst cake, which is further oven dried in a hot air oven at 100C for 12 hours and then calcined in a muffle furnace at a temperature of 400 0C for 4 hours in order to obtain 3wt% Ce-Zr doped Cobalt-Manganese oxide with formula of (MnxOy) (Co)n+/Ce1.5Zr1.5O2,where x=3 to 5, y=4 to 8, n=2 to 3. The resulted catalyst has mixed phase composition of Manganese oxides in the form of Mn3O4 and Mn5O8, whereas Cobalt is in strong co-ordination with Manganese oxide with oxidation state of 2 to 3. The catalyst is denoted as CM-CZ-3. Example 5: Electrochemical studies for oxygen reduction reaction on prepared catalysts In the separate experiments, the mixture of 3 mg of catalyst powder and 6.5 mg of Vulcan carbon is finely ball-milled to get catalyst-carbon composite, which is called as conductive catalyst. The obtained conductive catalyst was then made into slurry using isoproponol-water (30:70 vol/vol) mixture by sonication. The obtained slurry coated on a pre-cleaned glassy carbon electrode of diameter 0.3 cm. The electrodes are then dried at room temperature. The electrode coated with catalyst act as working electrode. A platinum coil with copper contact act as the counter electrode and Hg/HgO in contact with 0.5M KOH is used as the reference electrode. The potential calibration of the reference electrode was performed in a high-purity hydrogen-saturated 0.5 M KOH solution. In RDE experiments, the rotating shaft is connected to the as working electrode. Using the rotating shaft, the angular velocity of the electrode can be precisely controlled. Linear sweep voltammetry was conducted at different rotating speeds from 200 to 2600 rpm. All experiments were conducted in a blanket of oxygen. During the experiments, it is observed that the current increases with increase in rotation speed of the electrode. For comparison, similar experiments were conducted with standard 40wt% Pt/C catalyst. A comparison plot of all the results obtained from different catalysts is shown in fig 1. Kinetic parameters such as the number of electrons involved in the reduction reaction and kinetic current from K-L plot is deduced for all the catalysts and reference Pt/C catalyst is summarized in table 1. The measured electron transfer number is in the range of 3.2 to 3.9. Notably, electron transfer number for redox buffer CM-CZ-2 catalyst recorded as high as 3.9 when compared to control catalyst, CM which recorded the lowest electron transfer number of 3.2. Furthermore, CM-CZ-2 catalyst shows higher activity as compared to standard 40wt% Pt/C and undoped CM catalyst in terms of high kinetic current and rate constant. Table 1: Comparison of kinetic parameters of CM-CNT, CM-CZ-1-CNT, CM-CZ-2-CNT, CM-CZ-3-CNT, and Pt/C Catalyst Onset potential/ V vs. RHE Half wave potential/ V vs. RHE No. of electrons involved for ORR Kinetic current (mA/cm2) Kinetic rate constant (k) (cm2/sec) % H2O2 produced CM-VC 0.86 0.71 3.3 3.03 0.9 x 10-2 17.5 CM-CZ-1-VC 0.89 0.74 3.6 3.33 0.92x 10-2 7.5 CM-CZ-2-VC 0.93 0.78 3.9 19.41 5.15x 10-2 2.5 CM-CZ-3-VC 0.87 0.73 3.6 4.47 1.3x 10-2 7.5 Pt/C 0.94 0.82 3.9 6.67 2.7x 10-2 2.5 Example 6: ORR stability comparative study for the optimized CM-CZ-2 catalyst and CM (Control) catalyst Electrode durability for ORR is done by chronoamperometry at constant potential of 0.75 V with respect to RHE, wherein current is being monitored for the reaction with time. In this experiment the electrode used was catalyst modified glassy carbon electrode of 0.3 cm diameter. The material retains more than 95% of its activity or current during 20 hours of operation (fig 2), which implies that catalyst is stable towards the ORR reaction. But in the case of control catalyst (CM), there is a steep fall in the current (50-60%) in just 2 hours of operation. Furthermore, the current density of control catalyst is also recorded much lower (-0.1 mA/cm2) than CM-CZ-2 catalyst (-0.25 mA/cm2). Example 7: Electrochemical studies for oxygen evolution reaction on prepared catalysts In separate experiments, the oxygen evolution reaction activity is evaluated of the prepared catalysts using a rotating glassy carbon electrode modified with the catalyst. A linear sweep voltammetry was performed in 0.5M KOH solution from 1.05 V to 1.95 V with respect to RHE. The obtained performance of each catalyst is as shown in figure 3. The redox buffer catalyst CM-CZ-2 shows onset oxidation potential at 1.48V with respect to RHE. The behavior trend of redox buffer catalysts shows as similar to ORR activity trend. Example 8: Electrochemical impendence study for OER for the catalysts Electrochemical impedance was recorded for all the catalysts in 0.5 M KOH by employing an AC voltage of frequency range from 100 kHz to 0.1 Hz. The amplitude of the AC voltage used is ±5 mV. All the spectra of all the catalysts recorded at a voltage of 1.6V vs. RHE. The as obtained Nyquist plot for all the catalyst is given in fig (4). As shown in the figure the charge transfer resistance obtained for CM-CZ-2-VC (11Ocm2) is much smaller as compared to all the catalyst and the trend observed in charge transfer resistance is in the same order observed in linear sweep voltammeter. Example 9: OER stability comparative study for the optimized CM-CZ-2 catalyst and CM (Control) catalyst Electrode durability for oxygen evolution reaction is done by chronopotentiometry. The experiment is performed by holding the electrode at a current density of 10 mA/ cm2 and monitoring the potential with time. The maximum potential limit given is 1.95 V vs. RHE. In the case of CM-CZ-2 catalyst, it retains more than 95% of its activity or change in potential after 20 hours is within the limit of operation (fig 5), which implies that stability of the catalyst towards the reaction. But in the case of control catalyst (CM), it crosses the maximum potential limit after 5 hours of operation. This experiment manifests that redox buffer catalyst not only increases the activity but also stabilize the material from erosion during evolution reaction. Example 10: Comparison of ORR/OER activity of CMCZ-2/Vulcan Carbon with other catalyst known in the art Catalyst Eonset (ORR)/ V vs. RHE E1/2 (ORR)/ V vs. RHE Eonset (OER)/ V vs. RHE E10mA/cm2 (OER)/ V vs. RHE ?E*/V vs. RHE CMCZ-2/Vulcan Carbon 0.93 0.85 1.48 1.61 (10 mA/cm2) 0.76 MnNiCoO4/N-MWCNT 0.95 0.88 1.58 1.64 (5mA/cm2) 0.76 Prior art catalyst MnNiCoO4/N-MWCNT comprising of oxides of Co, Mn, Ni deposited on Nitrogen doped multi walled carbon nanotubes (N-MWCNT) as per Yu et al (2015), was compared for the electrochemical properties with the catalyst CMCZ-2/Vulcan Carbon of example 5. It has been observed that OER activity of CMCZ-2/Vulcan Carbon of example 5 is superior to Yu’s catalyst as indicated by OER onset potential. Furthermore, the CMCZ-2/Vulcan Carbon catalyst has current density of E10mA/cm2 (OER)/ V vs. RHE as compared to the current density of 5 mA/cm2, in case of Yu’s catalyst, which is 50% lower than that of the CMCZ-2/Vulcan Carbon catalyst described in the present application. Example 11: Preparation of gas diffusion electrode: An air electrode or gas diffusion electrode (GDE) is manufactured so as to obtain a porous, thin, and lightweight. The GDE serves as a barrier to separate the liquid electrolyte within an electrochemical system from the air surroundings. One side of GDE faces ambient air while the other side faces aqueous electrolyte (KOH). The electrolyte facing GDE is designed to be conductive surface with optimum wetting property, whereas air side facing GDE is designed to be porous water repelling hydrophobic surface, which is achieved by casting poly tetrafluoro ethylene (PTFE) film. The expanded thin nickel mesh of definite pore size with opening of 0.3 mm, thickness 0.5mm acts as a current collector, which is sandwiched between the conductive and hydrophobic layers to transport the electrons of the air electrode during the electrochemical reaction. The performance of GDE is strongly influenced by the nature of the bi-functional catalyst which is to be coated on the conductive surface of the GDE. The porous conductive carbon layer constructed by forming the conductive carbon film which is obtained by mixing the porous carbon (70 wt%) with hydrophobic binder (30 wt%) namely PTFE powder, dispersed in organic solvent to form the conductive paste. Thus, obtained conductive paste is rolled into a sheet by stretching the carbon dough using roller press. The rolled sheet is casted on the one face of expanded nickel mesh and then hydraulically pressed at 100-ton pressure to firmly attach to the sheet. The resulted conductive sheet is oven dried at 80 0C for 12 hours and sintered at 250 0C for 2 hours. The catalyst slurry prepared by homogeneously mixing the catalyst-carbon composite powder with 30wt% polymer PTFE binder material, which is further dispersed in diethylene glycol monobutyl ether solvent and ultra-sonicated for 1hr. The catalyst dispersed in the said solvent is spray coated uniformly on the gas diffusion conductive layer using a spray nozzle to achieve the catalyst loading of 30 mg/cm2. The catalyst coated gas diffusion layer further cured to evaporate the solvent and sintered at 300 °C for 2hrs. Example 12: Construction of Metal-air cell: The primary metal-air cell is constructed using polypropylene (PP) or acrylic plates, wherein Aluminium or Zinc metal plate metal plate is interposed between the two number of air electrodes. The air electrodes are placed on polypropylene (PP) or acrylic plates which serve as support plates for the air electrodes, wherein electrode having an active surface area of 50 cm2. The gap of 1 cm is maintained from the central metal anode plate to air electrode to facilitate the electrolyte circulation. The slot is provided from the top portion to the middle PP plate to interpose the metal plate, thus enabling the metal plate easily swappable. The PP casing plates are screw tightened end to end to prevent the electrolyte leak. The middle PP casing plate equipped with two nozzles, one is at the bottom and another one is at the top of the cell for electrolyte circulation. The bottom nozzle used for electrolyte inlet and top nozzle used for electrolyte outlet, and two nozzles are fitted with alkaline resistive flexible tubing. The inlet tube is connected to a peristaltic pump for electrolyte circulation. The end support PP plate is perforated for air permeability to the air electrode. The current collectors of two air electrodes are joined by soldering, which is connected to positive terminal, while metal plate is connected to the negative terminal of the battery tester. The peristaltic pump circulates the electrolyte at an optimum speed of 1000-2000 ml/min to avoid the anode corrosion and heat dissipation. Example 13: Performance evaluation of Air electrode in Aluminium-air battery Thus, constructed metal-air cell above is used for evaluation of air electrode in Al-air battery, wherein a thin Aluminium anode plate of 1.5 mm thickness with active surface area of 100 cm2 is placed between the pair of air electrodes. Al anode is connected to the negative terminal of the battery tester, while pair of air electrodes are connected to positive terminal of the battery tester. The initial weight of Al anode plate is measured as 30 gm. On the other hand, air electrode contains a carbon-catalyst-binder mix loaded with 100 mg/cm2, wherein active catalyst loading is 30 mg/cm2. 6M KOH is used as the electrolyte in the current experiment and stored in the electrolyte tank. The peristaltic pump was used to circulate the electrolyte to and from the cell at a constant flow rate of 1000 ml/minute. The electrolyte circulation in the cell enables to flush out precipitated aluminium hydroxide, minimize anode corrosion and heat dissipation during the cell discharge. Thus, assembled cell shows an open circuit potential (OCV) in the range 1.4 V to 1.7V under no electrical load condition. The discharge performance of Al-air cell evaluated for the optimized CM-CZ-2 catalyst. The specific capacity is recorded as 2.7 to 2.9 Ah/gm of Al at high current density, whereas corresponding energy density of 2.8 kWh/kg of Al is recorded fig (6). Durability test for the air electrode of CM-CZ-2 catalyst has been carried out by changing of the Al anode plate after Al plate depleted by 80%. The test is being conducted for 300 hrs of the test. The cumulative energy density of the cell or the entire time period is calculated as 2.5 kWh/kg of Al (fig 7). Air electrode of CM-CZ-2 catalyst and control CM catalyst fabricated as per procedure mentioned in example 10. The pair of air electrodes obtained from CM-CZ-2 & CM catalysts have been evaluated in Al-Air cell. The data of Al-air cell performance for two air electrode shown in Table 3, where voltage, specific capacity and energy density of Al-air cell is reported at different discharge current densities varying from 75 to 150 mA/cm2. It is noted that, as the discharge current density increases, voltage of the cell is reduced marginally in case of optimized CM-CZ-2 based Air electrode, while compare with control CM catalyst based Air electrode, which could be due to faster ORR kinetic current of CM-CZ-2 catalyst (Data shown in Table 1). The specific capacity of Al is increased due to effective utilization of anode at higher current density, thus resulting in higher energy density per weight of Aluminum. Table 3: Comparison of performance for Al-air battery for CM catalyst (Control) and CM-CZ-2 catalyst Catalyst 75 mA/cm2 100 mA/cm2 150 mA/cm2 Average Working Voltage/ V Specific capacity/ (Ah/g of Al) Energy density/ (kWh/kg of Al) Average Working Voltage/ V Specific capacity/ (Ah/g of Al) Energy density/ (kWh/kg of Al) Average Working Voltage/ V Specific capacity/ (Ah/g of Al) Energy density/ (kWh/kg of Al) CM-VC 1.05 1.75 1.84 0.95 1.9 1.85 0.8 2.2 1.76 CM-CZ-2-VC 1.17 1.9 2.2 1.1 2.3 2.5 1.0 2.5 2.5 Example 14: Construction of Zn-air cell and air electrode evaluation The basic construction of Zn-air cell is followed as same in example 11 however, electrolyte in the cell is in stationary phase. Further, conductive substrate is being used for zinc deposition, wherein substrate plate can be nickel metal plate of 1 mm thickness. Zinc precursor solution prepared by dissolving 0.5M zinc oxide in 9M KOH solution, which is filled in the metal-air cell. The two air electrodes are connected to positive terminal and nickel substrate pate for zinc deposition is connected to negative terminal of the battery tester. The active surface area of nickel substrate plate is 100 cm2 and current density for both charge and discharge is applied at 40 and 80 mA/cm2 respectively. In the separate experiment, air electrode of control catalyst and optimized redox buffer catalyst namely CM-CZ-2 is tested for comparison of zinc-air battery performance. Thus, assembled Zn-air cell shows OCV in the range 1.54 V to 1.7V under no load condition. Initially, charging step is performed for zinc deposition on nickel substrate at a current density of 40 mA/cm2 where the cell potential rises slowly from 1.5 V to 2.3 V, and then cell is subjected to discharge at current density of 80 mA/cm2, where cell potential decreased to 1.1V, and it is maintained the steady state. The plot representing charge/discharge potential of control catalyst (CM) and redox buffer CM-CZ-2 catalysts versus cell capacity is shown in fig 8. The Zn-air cell life cycle study was conducted using CM-CZ-2 catalyst-based air electrode under charge-discharge protocol at current density of 25 mA/cm2. Each cycle duration is 1 hr 45 min. The plot for cycle life study of Zn-air cell is shown in fig.9, where total of 325 charge-discharge cycles are recorded. Advantages of the invention: • ORR activity of the catalyst is comparable performance to standard Pt/C catalyst • Redox buffer Catalyst is bi-functionally active, moreover OER activity is very significant when compared with reference catalyst without redox buffer • Redox activity towards oxygen activation at the electrode-electrolyte interface improved ,CLAIMS:1. An electrocatalyst composition comprising redox buffer metals represented by the general formula (MnxOy)(Co)n+/CeiZrjO2 (Formula 1) wherein x = 1 to 5, y = 2 to 8, n = 2 to 3, i = 0.01 to 0.75 and j = 0.1 to 0.95. 2. The electrocatalyst composition as claimed in claim 1, wherein the manganese is in the range of 0.1 to 99 wt%, and cobalt is in range of 0.1 to 30 wt%. 3. The electrocatalyst composition as claimed in claim 1, wherein the cerium-zirconium is in the range of 0.1 to 5 wt%, and weight ratio of cerium to zirconium is in the range of 0 to 1. 4. An electrode comprising the electrocatalyst as claimed to any one of claims 1 - 3. 5. An electro-chemical cell comprising an electrode as claimed claim 4. 6. The electro-chemical cell as claimed in claim 5, wherein the electrochemical cell is a fuel cell, a battery, a redox flow battery, or a metal/air rechargeable cell. 7. The electrocatalyst composition as claimed in claim 1, wherein said composition can be prepared by any of the techniques selected from the group consisting of wet-impregnation, sequential precipitation, co-precipitation, deposition-precipitation, solvothermal synthesis. 8. A method for preparing electrocatalyst composition comprising redox buffer metals, said method comprising steps of: (i) preparing cobalt-manganese hydroxides solution comprising of: a) preparing separate solutions of cobalt and manganese precursors in deionized water, b) mixing the precursor solutions of cobalt and manganese, c) adding alkaline base solution selected from the group consisting of an aqueous solution of NaOH, Na2CO3, NaHCO3, NH4OH, or combination thereof to the mixed precursor solution of cobalt and manganese obtained in step b), at a pH of 7 to 11 and obtaining precipitated cobalt-manganese hydroxides; (ii) preparing a redox buffer metal precursor solution comprising of: a) preparing separate solutions of cerium and Zirconyl precursors in deionized water, b) optionally mixing the cerium precursor solution and zirconyl precursor solution to obtain a composite solution; (iii) mixing of precipitated solution of cobalt-manganese hydroxides with redox buffer metal precursor solutions comprising of: a) mixing the precipitated solution of cobalt-manganese hydroxides obtained in step (i) c) with cerium precursor solution and zirconyl precursor solution obtained in step (ii) a) or a composite solution obtained in step (ii) b), b) stirred the resultant suspension for 12 hours, c) vacuum filtering the suspension obtained in step (iii) b) to obtain the catalyst slurry, d) repeatedly washing the catalyst precipitates obtained in step (iii) c) with deionized water, followed drying the obtained catalyst cake in oven at 50 to 100°C, and e) calcining the catalyst cake at 400-600°C to obtain electro-catalyst composition with redox buffer metals of formula (1) (MnxOy)(Co)n+/CeiZrjO2, wherein x = 1 to 5, y = 2 to 8, n = 2 to 3, i = 0.01 to 0.75 and j = 0.1 to 0.95. 9. The method as claimed in claim 8, wherein the cobalt precursor is selected from the group consisting of cobalt nitrate, cobalt chloride, cobalt acetate, and cobalt sulfate, and wherein the cobalt precursor is preferably cobalt nitrate hexahydrate. 10. The method as claimed in claim 8, wherein the manganese precursor is selected from the group consisting of manganese nitrate tetrahydrate, manganese acetate tetrahydrate, manganese sulfate or manganese chloride, and wherein the manganese precursor is preferably manganese acetate tetrahydrate. 11. The method as claimed in claim 8, wherein the cerium precursor is selected from the group consisting of cerium nitrate, cerium chloride hepta hydrate, ammonium ceric nitrate hydrate, ammonium ceric sulphate hydrate, and wherein the cerium precursor is preferably ammonium ceric nitrate hydrate. 12. The method as claimed in claim 8, wherein the zirconium precursor is selected from the group consisting of zirconyl chloride octahydrate or zirconyl nitrate hydrate, and wherein the zirconium precursor is preferably zirconyl chloride octahydrate.